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TUI burning 250 million euros cash a month - CEO

Reuters - UK Focus
Updated ·1-min read

FRANKFURT, May 13 (Reuters) - Travel group TUI , which is struggling with the impact of the coronavirus pandemic, is burning cash at a rate of 250 million euros ($271 million) a month, its CEO said on Wednesday.

Despite having reduced costs by 70% the company still has monthly costs of 230 million euros, Friedrich Joussen said in a call with journalists.

"We must change TUI - make it leaner, faster and less capital-intensive," Joussen said, adding that the company's airlines will be part of cost-cutting measures as well, without giving details.

($1 = 0.9215 euros) (Reporting by Ilona Wissenbach; writing by Thomas Seythal editing by Scot W. Stevenson)